In July 2022, two (2) Nigerian businessmen were jailed for breaking Anti-Money Laundering laws in the United States of America. Anslem Oshionebo and Opeyemi Ode, CEO and COO respectively of Fintech start-up, Ping Express, both recently received 27-month prison sentences for intentionally transferring criminal proceeds.
Cyberattack refers to an attempt to compromise and steal confidential data, or destroy a computer system/network. They include malware, phishing, and DoS/DDoS (denial-of-service/distributed denial-of-service) attacks.
Electronic banking plays a very vital role due to the fact that it’s the cheapest way of providing banking services. Using various electronic banking channels, there is a swift movement of funds domestically and internationally.
Open banking is a banking practice in which third-party financial service providers are given open access to customer banking, transaction and other financial data from banks and non-bank financial institutions via application programming interfaces (APIs).
Auditors are expected to provide professional and unbiased opinions, hence the need for them to be independent in reporting financial statements. The auditor's neutrality and independence are the foundations of an audit report.
It has been laundered to give it a legitimate appearance. Criminals convert their illegal gotten money into an asset that appears genuine, such as an insurance policy, in order to avoid detection by the law.
Following the economic recession of Nigeria was the emergence of the Ponzi Scheme aimed at paying out interest returns to invested parties, through a continuous borrowing process from other parties.
Intellectual property rights, due to their exclusivity, offer strategic advantages. This exclusivity creates space for assigning value to them, which in turn provides opportunities for leveraging their worth in various contexts, whether in commerce, innovation, or cultural preservation.
The resolution of Tax matters is an area of Dispute Resolution which requires keen attention, seeing that same cannot be a subject of arbitration in Nigeria.
